Westjet 2004 Annual Report Download - page 46

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WESTJET ANNUAL REPORT 2004
46
Consolidated Statements of Cash Flows
WESTJET AIRLINES LTD.
Years ended December 31, 2004 and 2003
(Stated in Thousands of Dollars)
2004 2003
Cash provided by (used in):
Operating activities:
Net earnings (loss) $ (17,168) $ 60,539
Items not involving cash:
Amortization 126,338 63,208
Gain on disposal of property and equipment (63) (631)
Stock-based compensation expense 12,305 –
Issued from treasury stock – 3,063
Future income tax 5,963 25,592
127,375 151,771
Decrease in non-cash working capital 16,697 40,646
144,072 192,417
Financing activities:
Increase in long-term debt 429,890 466,353
Repayment of long-term debt (75,819) (49,158)
Increase in long-term liabilities 10,000 –
Issuance of common shares 13,949 165,545
Share issuance costs (10) (6,297)
Increase in other assets (23,711) (25,101)
Decrease in obligations under capital lease (6,381) (6,498)
347,918 544,844
Investing activities:
Aircraft additions (546,242) (564,130)
Other property and equipment additions (41,545) (34,249)
Other property and equipment disposals 2,945 2,092
(584,842) (596,287)
Increase (decrease) in cash (92,852) 140,974
Cash, beginning of year 241,384 100,410
Cash, end of year $ 148,532 $ 241,384
Cash is defined as cash and cash equivalents.
See accompanying notes to consolidated financial statements.